And heres the completed drawing!
Done in Paint Tool Sai as per Hawk's suggestion. I colored the "rainbow" parts on separate layers and applied varying hue changes to get the frames for the animation (compiled in Gale). Now in delicious magical rainbowy goodness! This is basically what my MHP3 char looks like in this setup. :D
Background info: High Rank Bug Helm, Butterfly Chest, Naru U Gloves, Guild Waist, and Guild Boots (All full rainbow effect) with the Magical Wand HH (I forget what its really called, but its Dragon element and basically only has Healing Songs =p). Gemmed for Flute, Force Out (shiny blue fist for extra magicaliness), and Perception. So its a cool looking joke set. XD